Africa’s Richest Man Dangote Loses N240 Billion To Coronavirus In 5 Hours

As they say ‘the rich cry too’ more fears loom over stocks as Africa’s richest man Aliko Dangote on Wednesday, 11 March reported lost more than N240 billion in five hours as the effect of coronavirus COVID-19 bit harder on the Stock Exchange.

Coronavirus disease that is spreading in multiple countries around the world at the same time affected 10 countries in Africa: Tunisia, Senegal, Morocco, Cameroon, South Africa, Algeria, Egypt, Togo, Nigeria, and Burkina Faso

Some of Africa’s richest Dangote’s firms under the parent company, Dangote Group, suffered big losses at the market.

Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 percent or N17, which is equivalent to net depreciation of N289.68 billion. Dangote Cement is Nigeria’s most capitalized quoted company and accounts for more than 20 percent of the total market capitalization.